Silverpoint Vacations are yet again hitting the news with Spanish newspaper, El Diario and Blog, Inside Timeshare highlighting more on the group’s current status.
It was during the 80s when business man Robert Trotta built his timeshare holiday kingdom that is now in the pit at the bottom of a slippery liquidation slope. Trotta emptied the businesses accounts and melted the majority of his assets post a whirlwind of judicial convictions, brought on by the suspicious holiday products being sold by who are now known as Silverpoint Vacations.
The first Final Judgement against Silverpoint at the very start of 2017 when its downfall began was for the sale of its products for use by turns of real estate for tourist use. Since that first judgement, the timeshare group seemed to avoid making payments to clients who sued and obtained a favourable sentence by ‘hiding’ their funds. It is these transactions through Signallia Marketing and Excel Hotels and Resorts that became the main focus of the Prosecutors Office. In addition to this, they removed 52 of the 76 properties they owned.
Silverpoint Vacations has declared itself to be in ‘concurso voluntario de acreedores’ literally translating to ‘voluntary competition of creditors’ which is an aged term for suspension of payments. This declaration was published on the 1st February 2020 in the Official State Bulletin (Boletín Oficial del Estado, BOE) after the company first went to a bankruptcy administrator. The company had undergone an investigation carried out by the Provincial Prosecutor’s Office of Santa Cruz of Tenerife, for massive sale of properties to instrumental companies and for the diversion of funds to companies of the same group abroad.
At the time of Silverpoint Vacations declaring to be in bankruptcy proceedings, the company’s assets corresponded to 14 million Euros, however according to El Diario sources, the debt has been gauged to be 28 million Euros so far, a figure that may still increase.
The contest of creditors had been requested in September 2019. Obscurely, two months later in November 2019 the company sold 100% of its shares to Fios Bergan SL, a textile manufacturing company, with no cash flow, with accumulated debts and with a capacity to access “null” credits.
The Bankruptcy Court of the United States of America recently uncovered that Silverpoint resorts in Tenerife have been the main source of income for a huge corporate company called Limora that is based in the British Virgin Islands, set up by Robert Trotta himself in 2008. According to El Diario, the investigation shows that there were “completely suspicious transactions regarding the assets and companies of these corporate groups, present in 16 jurisdictions.”
El Diario Article
Inside Timeshare Article
https://insidetimeshare.com/el-diario-report-once-again-on-silverpoint/
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk